Market to continue its upward journey

The market is expected to continue its uptrend today after a 201 points surge in the Sensex on Thursday, 14 June 2007.

The government will release the rate of growth of wholesale price index-based inflation in the 12 months to the week ended 2 June 2007 today, 15 June 2007. The wholesale price index-based inflation rate had dipped to 4.85% for the week ended 26 May 2007, the lowest in eight months, as food items and some manufactured products became cheaper.

The central bank is targeting to keep inflation within 4%-4.5% in the mid-term and under 5% in fiscal 2007-08.

Majority of Asian markets were trading with gains today, 15 June 2007. Hang Seng (up 0.31%), Nikkei 225 (up 0.64%), Straits Times (up 0.55%) and Taiwan Weighted (up 1.38%) edged higher.

Wall Street surged again yesterday, 14 June 2007, launching the Dow Jones industrial average to its best two-day advance since last July after data showed that wholesale inflation, excluding energy and food costs, is rising at a gentle pace. The Dow Jones rose 71.37 points, or 0.53%, to 13,553.72. Broader stock indicators also rose Thursday. The Standard & Poor's 500 index advanced 7.30 points, or 0.48%, to 1,522.97, and the Nasdaq composite index climbed 17.10 points, or 0.66%, to 2,599.41.

As per the provisional data, FIIs were net buyers to the tune of Rs 34.13 crore in equities, while domestic institutional investors (DIIs) bought shares worth a net Rs 32.57 crore on Thursday, 14 June 2007.